In a perfectly competitive industry, the demand for a single firm's product is
A) perfectly inelastic.
B) perfectly elastic.
C) as elastic as the market demand.
D) inelastic, but not perfectly inelastic.
B
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When a shortage exists in a market
A) the market clearing price is above equilibrium and market forces will cause the price to fall. B) the quantity demanded is less than the quantity supplied at the existing price. C) the current price is below the market clearing price and the price will rise. D) the quantity supplied is greater than the quantity demanded at the current price.
A vertical line has a slope of
a. infinity. b. zero. c. undefined. d. 1,000.
The U.S. Treasury used the First Bank of the United States for all of the following purposes except _____.
(A) To issue representative money. (B) To set interest rates. (C) To hold money generated by taxes. (D) To help the government carry out its powers to tax.
Which of the following will cause the demand curve for gasoline to shift leftward?
a. An increase in the price of gasoline b. An increase in the price of cars c. A decrease in the price of gasoline d. A rightward shift of the supply curve of cars e. A leftward shift of the supply curve of gasoline